| THE STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIET NAM |
| No. 13/2011/TT-NHNN | Hanoi, May 31, 2011 |
CIRCULAR
PROVIDING THE SALE AND PURCHASE OF FOREIGN CURRENCIES BY STATE ECONOMIC GROUPS AND CORPORATIONS
Pursuant to June 16, 2010 Law No. 46/2010/QH12 on the State Bank of Vietnam;
Pursuant to June 16, 2010 Law No. 47/2010/QH12 on Credit Institutions; Pursuant to December 13, 2005 Ordinance No. 28/2005/PL-UBTVQH11 on Foreign Exchange;
Pursuant to the Government’s Decree No. 160/2006/ND-CP of December 28, 2006, detailing the Ordinance on Foreign Exchange;
Pursuant to the Government’s Decree No. 96/2008/ND-CP of August 26, 2008, defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Government’s Resolution No. 11/NQ-CP of February 24, 2011, on measures to curb inflation, stabilize marco-economy and assure social security;
The State Bank of Vietnam (below referred to as the State Bank) guides the purchase and sale of foreign currencies by state economic groups and corporations as follows:
Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Circular provides for the performance of the obligation to sell foreign currencies to licensed credit institutions by state economic groups and corporations and their right to buy foreign currencies within the sold amounts from these licensed credit institutions to meet their lawful needs for foreign currencies.
Article 2. Subjects of application
The sale and purchase of foreign currencies provided in this Circular apply to state economic groups and corporations, including their non-credit institution members which are state-owned enterprises (below referred to as organizations).
Article 3. Interpretation of terms
In this Circular, the terms below are construed as follows:
1. Licensed credit institution means a credit institution or foreign bank branch operating in Vietnam and licensed for foreign exchange operations under law.
2. Obligation to sell foreign currencies means that an organization is obliged to sell to licensed credit institutions foreign-currency amounts earned from its lawful foreign-currency revenue sources and the credit balance on its deposit accounts opened at different licensed credit institutions.
3. Right to buy foreign currencies means that an organization is entitled to buy foreign currencies within the foreign-currency amount already sold to licensed credit institutions to make current payments and serve other lawful transactions on the condition that it can produce relevant valid dossiers and documents.
